Affluent Savvy
Affluent Savvy
Photo: Mikhail Nilov
Most modern pension plans will allow you to say which people or causes you'd like your money to go to when you die. But check with your provider or employer, because the process for naming your beneficiaries can vary. You may need to request a beneficiary nomination form from your pension provider.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »id Pension rules now make it possible to pass your pension plan on to your loved ones without paying the previous 55% ‘death tax’. These basic checks and steps can normally make sure your pension savings go to the right people in a tax-efficient way. id Many people want to leave their assets to their children or other loved ones, and passing on your pension plan is now one of the most tax-efficient ways to do this. This is because your pension savings aren’t normally considered part of your estate, so they could be exempt from inheritance tax. In the past, a death tax of up to 55% was applied instead but this was scrapped in 2014. So, how can you make sure your loved ones benefit from your pension? There are a few key steps you can take to help you feel confident that your pension savings will go to the right people in the right way. Here’s what to do: 1. Make sure your pension offers death benefits A death benefit is the money that is paid out after your death. Most modern pensions will allow you to nominate whoever you want to inherit your pension savings when you die, and they’ll give a range of options to those who benefit. However, not all pensions are the same. For example, most annuities (a guaranteed income for life) will stop paying income when you die and you won’t be able to pass it on, unless it’s on a joint life basis or has a guarantee period. So an important first step is to check with your provider if your pension offers what you need. If you find that your current pension plan doesn't offer the death benefits flexibility you'd like, you might have the option to transfer it to a different type of plan or even another provider. But not all plans will allow this and transferring won't be right for everyone. For example, your pension plan might have valuable guarantees or benefits that you don't want to lose. Some ‘defined benefit’ or ‘final salary’ pensions entitle you to a certain level of income in your retirement. Or older pension plans may have valuable guaranteed annuity rates. If you're unsure you should consider getting financial advice. There’s likely to be a cost for this. You can learn more about how Standard Life pension transfers work and what to think about on our website. 2. Tell your pension provider who you want your pension to go to While there can be practical, financial and emotional benefits to making a will, what people don't always realise is that your will doesn't usually control who inherits your pension savings.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »Your pension provider or trustees will ultimately decide where your pension savings go. They will take into account your wishes if you have specified the people and causes (or 'beneficiaries') that you want to receive it, but they aren’t bound by them. So make sure they’re named. Most modern pension plans will allow you to say which people or causes you'd like your money to go to when you die. But check with your provider or employer, because the process for naming your beneficiaries can vary. You may need to request a beneficiary nomination form from your pension provider. Or you may be able to name and update beneficiaries online, as you can with some Standard Life pensions by logging in or using our app. If you haven't already, you can register for online servicing here. 3. Regularly review your beneficiaries Once you've nominated your beneficiaries - don't just stop there and forget about it. It's important to review them regularly and update when necessary. Wishes and plans change, especially after big life changes like the birth of children or grandchildren, marriages and divorces. If you don't keep all your pension plans up to date as your circumstances change, you risk your pension savings not going to the right people if you die.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
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